Monetary and Exchange Rate Policies of the Euro Area
AbstractThis paper examines monetary and exchange rate policies of the euro area. The paper reviews the European Central Bankâ€™s definition of price stability, and examines the factors determining â€œthe optimal rate of inflationâ€ in the euro area. It reviews the benefits of price stability, including the reduction in the distortions of savings and investment behavior that stem from the interaction between nominal tax systems and inflation. It then goes on to evaluate arguments for maintaining a small positive inflation rate in the context of the euro area.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Staff Country Reports with number 02/236.
Date of creation: 29 Oct 2002
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- Kirsten Lommatzsch & Silke Tober, 2004. "The Inflation Target of the ECB: Does the Balassa-Samuelson Effect Matter?," EUI-RSCAS Working Papers 19, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
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